College Students ' Spending Habits
The demographic profile for today 's college students has changed significantly over the past few years. A few decades ago the typical age for college students was eighteen to twenty-one. Today more students are in their mid-twenties and work part time jobs. This creates a larger amount of disposable income for college students and the stereotypical, starving student, does not apply like it did a few years ago. With this in mind, it is important to understand the spending habits of college students have changed over the years as well.
While some students struggle to make ends meet, the stereotypical college experience of eating Ramen Noodles, wearing clothes from Goodwill, and drinking cheap beer is quickly disappearing. Much of this can be explained by the changing demographics of today’s students. Because students no longer expect to complete college in 4 consecutive years, and many fluctuate between full-time and part-time study over a period of 5 to 7 years. The older the student, the more money he or she generally has.
Where and How Students are Spending Their Money:
With rising tuition rates, the cost of attending college might be more than what many students and parents anticipated when they began saving for a college education. But for a lot of families, tuition is just the tip of the iceberg. There are many expenses that come with being a college student (or the parent of one) that can add up and cost much more than anticipated.
According to the College Board’s Trends in College Pricing report from 2011 to 2012, tuition and fees account for only 38 percent of the total expense budget for in-state students ...
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...ause the trend has changed recently due to changes in the requirements to obtain a credit card. About 71 percent of students prefer Visa for their credit card of choice. Next is Master Card, which is 11 percent and Discover for 6 percent. A new law states that in order to obtain a credit card an adult must be 21 or older. If not over 21, a co-signer is required. Credit card companies are also running tests to ensure the ability of students to pay back the balances of credit cards. This can change the credit status of this demographic significantly. This may also have an impact on the spending habits statistics in the coming years. Most students, 70 percent of males and 75 percent of females, have between 1-3 credit cards. While establishing credit in college can be to your advantage, using credit cards for basic living expenses can create financial problems.
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